Shiok Meats, a Singapore-based cell-based crustacean meat company, raised $12.6M in Series A funding.
The round was led by Aqua-Spark, an investment fund focused on sustainable aquaculture, with participation from SEEDS Capital (the investment arm of Enterprise Singapore), Real Tech Fund (Japan), Irongrey (a Global tech investing family office based in Korea), Yellowdog Empowers Fund (South Korea), Ilshin Holdings Pte. Ltd (Singapore), Toyo Seikan Group Holdings, Ltd (Japan),Veg Invest Trust (USA), Makana Ventures (Singapore), AiiM Partners LP (USA), Beyond Impact (Europe), Kelvin Chan Siang Lin (Singapore), and Alex Payne and Nicole Brodeur (USA).
The amount of the deal was not disclosed.
The funds will contribute towards building a commercial pilot plant from which Shiok plans to launch its minced shrimp product in 2022.
Founded in August 2018 by two stem cell scientists, Dr. Sandhya Sriram and Dr. Ka Yi Ling, Shiok Meats is a cell based company that produces clean and cruelty free shrimp and crustaceans. Their flagship product is an anticipated cell-based shrimp, which offers clean, traceable alternatives to the shrimp farming industry.
The output of Shiok’s pilot plant will be frozen cell-based shrimp meat for dumplings and other shrimp-based dishes. Beyond cell-based shrimp, the company plans to launch shrimp flavouring paste and powder, fully-formed 3D shrimp, and cell-based lobster and crab products in the coming years.